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  • America Hits $15 Trillion of Debt

    Yesterday, the United States hit an unsavory milestone–$15 trillion in total national debt. Unfortunately, the number shouldn’t have come as a surprise. America’s debt has been growing at a rapid clip.

    How bad is America’s spending problem? Heritage’s Alison Fraser, Patrick Knudsen and Mackenzie Eaglen put it into context:

    At $1.3 trillion, the deficit for fiscal year (FY) 2011 was the third consecutive year of deficits exceeding $1 trillion. These deficits are larger than the largest deficit during World War II when adjusted for inflation. Even under President Obama’s February budget, which includes many unrealistic assumptions and budget gimmicks, the deficit would never fall below about $750 billion. From there, the President’s proposed deficits would rise back into the trillion-dollar range by the end of the decade.

    According to Fraser, total national debt has gone up by almost $700 billion since the first of August (the heat of the debt limit debate). This new $15 trillion debt milestone has particular relevance headed into next week when the congressional “super committee” faces its deadline for finding $1.5 trillion in budget savings by Thanksgiving. Washington has brought the nation into a fiscal nightmare, and now this committee is tasked with finding ways to pare that spending back.

    Some are calling for tax increases as a way to solve this problem, but inadequate revenue isn’t the issue — too much spending is. And The Heritage Foundation has set forth three pillars of reform for the super committee, including fully funding national defense, transforming entitlement programs, and not raising taxes. Heritage has also provided a detailed plan by which the super committee could accomplish that goal.

    Read more in Three Pillars of Reform for the Super Committee at Heritage.org.

    Posted in Economics [slideshow_deploy]

    4 Responses to America Hits $15 Trillion of Debt

    1. steve h says:

      Let the tax cuts expire, stop the wars, end the Medicare Rx program the GOP created in 2003 – and we'll be well on the way to fixing the budget. Those 3 items are by far the biggest chuck of deficits and debt over the next decade. Nothing else even comes close.

    2. What percentage of this debt was acquired in 2009-2011? And what percentage is related to costs of American intervention abroad in 2001-2008?

    3. Kim says:

      And you wonder why they don't teach REAL math in schools???? How far could/would "they" if they actually taught things like, oh I don't know.. how to balance a checkbook, interest rates, income tax, social security, short term loans, balloons, mortgages, HEDGE FUNDS… and the list goes on and on!!! 15… million, thousand, billion, trillion… What does it matter? Ever been to a country that doesn't speak your language… our deficit means about the same thing to most people. We need to change that! And it will take ALL of us! Pray for our country every chance you get!

    4. Bobbie says:

      such a shame it didn't have to come to this but has after Reagan with unfaithful and disloyal leadership failing to correct over the years! Thank goodness we have strong leadership true to America, but outnumbered by the overpaid, unhealthy misinforming non educating, unproductive weak of the devious democratic party destroying and disrespecting minds that aren't their own. hopefully people will be driven by the strength of individuals and not fall for the pathetic promotion of social progression by democrats "labeling" programs. hey, democrats are american'ts and want everyone to be equally the same! the sheep OWS screams it loud and clear!

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